Environment

Oil could peak before 2025 from accelerated EV uptake and plastic reduction

McKinsey Energy Insights (MEI) has launched its Global Energy Perspective: Accelerated Transition outlook – exposing eight shifts that could accelerate the energy transition. Two of the most significant shifts are around plastics and electric vehicles (EVs). The outlook reveals rapid EV uptake and reduced plastic demand could see oil peak as early as 2025 and decrease quickly thereafter. MEI anticipates that by 2035 EVs could account for 65 percent of total global vehicle sales – 70 million vehicles per year. This would lead to a third of the global fleet being electric in 2035 and over 80 percent in 2050, which minimises oil demand from transport, today’s biggest oil demand sector. The findings also highlight that if plastic demand growth slows down and recycling uptake continues to increase to 40 percent in 2050, this could reduce oil demand by around 30 percent slowing down the need for new virgin plastic. (New York Times; OilFieldTechnology)

Employees

Staff question level of mental health support offered by employers

A survey of more than 1,000 people by employee benefits and engagement provider Personal Group found that four in 10 staff in the UK say their employer does not offer mental health support in any form, despite increasing awareness of how work can affect wellbeing. Thirty-nine percent did not think their employer offered any support, while 66 percent said the support on offer was not sufficient. Eight in 10 agreed that awareness of poor mental health had increased across the UK in general, but this had not translated into better awareness in the workplace, according to 62 percent. “It is more important than ever that business leaders and decision makers break the culture of stigma and silence around mental health and start making it a management priority and ensuring that a range of support is available for those who need it,” said Rebekah Tapping, group HR director at Personal Group. (PersonnelToday)

Sustainable Investment

London-based Big Issue Invest, the social investment arm of The Big Issue magazine, announced this week a new mobile-first investment platform that will bring a range of social and environmental impact funds direct to a retail audience for the first time. The investment platform is the first phase of a wider initiative, The Big Exchange, that aims to make ethical financial services and products, including a cash account, available to all through a simple mobile-first interface. The Big Exchange venture is being led by Aberdeen Standard Investments, joined by Columbia Threadneedle, Alliance Bernstein and Alquity as founders, who will also offer their impact funds on the platform. It has already received offers of support from major institutions for at least £1 million in funding. The overall objective is a complete blockchain-based ecosystem that “works for everyone.” (PioneersPost;InvestmentWeek)

Innovation

L’Oréal and Gjosa unveil eco-friendly shower and shampoo combination

L’Oréal has teamed up with Swiss start-up Gjosa to invent a way of reducing the environmental impact of washing your hair. The beauty giant and the tech company have unveiled a low-flow showerhead and an easy-rinse shampoo combination that means the amount of water needed to wash the hair is significantly reduced from eight litres to 1.5 litres. The showerhead breaks up the flow of water but counterbalances that by accelerating the speed of the droplets, while the easier-to-rinse shampoo is applied directly through the showerhead, rather than being applied to the scalp. By infusing water and shampoo simultaneously, the showerhead could cut the volume of water and the energy used in places like professional hair salons. Prototypes are currently being tested in salons in South Africa and the US. (MalayMail)

Climate Change

CDSB: European corporates failing to track climate change impacts

Less than half (44 percent) of European corporates are currently tracking how climate challenges will affect their business models in the future or disclosing the full extent of their environmental impacts. That is a key conclusion of new research by CDP and the Climate Disclosure Standards Board (CDSB), which recently surveyed representatives from 80 large European firms to assess their progress towards full disclosure in how they track, measure and report on their social and environmental impact. Published last week (29th November) the report reveals that while 79 percent of respondents identified at least one climate change or environmental risk in their annual reports this year, 80 percent failed to prepare a specific climate change strategy to mitigate these risks. (Edie)